The advent of blockchain technology and digital assets offers an opportunity for the global economy not seen since the dawn of the internet. These innovations open doors for the unbanked, providing a pathway for success to those who are shut out of traditional financial systems.
Despite the boom in blockchain technology and digital assets, bureaucrats like Securities and Exchange Commission (SEC) Chairman Gary Gensler want to stifle their development in the United States through unlawful, overbearing regulations based on a misguided approach that lacks understanding of their potential. Thankfully, the courts have slapped down Gensler’s attempts to drive digital assets out of the U.S. economy. Now, Congress must act to ensure Gensler and the SEC are kept at bay.
Former Representatives Tim Ryan and David McIntosh are co-chairs of the Blockchain Innovation Project. Mr. Ryan served as a Democrat U.S. Representative from Ohio, and Mr. McIntosh served as a Republican U.S. representative from Indiana.
Gensler intends to take his authority to regulate “as far as [it] go[es]” while saving “transactions, products, and platforms from falling between the regulatory cracks,” according to his remarks at the 2021 Aspen Security Forum. In his latest attempt at unauthorized bureaucratic overreach, Gensler aims to regulate American digital asset firms out of existence.
Why is Gensler so against progress and innovation regarding digital assets? Because of the embarrassment associated with Gensler’s failure to prevent Sam Bankman-Fried and FTX from committing one of the largest fraud schemes in United States history.
U.S. Rep. Ritchie Torres (D-NY) labeled Gensler as “singularly responsible” for failing to expose Sam Bankman-Fried’s fraudulent FTX cryptocurrency exchange in 2022. Gensler was asleep at the switch and failed to assert SEC oversight before it was too late in the FTX case. Now, Gensler’s solution is to punish law-abiding citizens within the industry due to a personal vendetta against one bad actor. As a result, Gensler is attempting to impose rules so drastic that digital asset firms leave America all together and move their operations overseas.
In his latest defeat, the federal appeals court for the District of Columbia ruled against the SEC in their attempt to prevent…
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